BRENT TECHS: (J20): Still Heavy *RES 4: $62.05 -.....>

BRENT TECHS: (J20): Still Heavy

*RES 4: $62.05 - 50% retracement of the Jan 8 - Feb 10 decline

*RES 3: $59.94/00 - 38.2% retracement / High Feb 20

*RES 2: $57.86 - High Feb 24

*RES 1: $56.98 - High Feb 25

*PRICE: $54.84 @ 07:57 GMT Feb 26

*SUP 1: $54.62 - Low Feb 25

*SUP 2: $53.11 - Low Feb 10 and key support

*SUP 3: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally

*SUP 4: $50.00 - Round number support

Brent stalled last week at $60.00 and remains heavy for now with this week's

sell-off weighing on price. The failure at $60.00 also marked a failure at the

38.2% retracement of the Jan 8 - Feb 10 decline at $59.94. For now, the move

lower is viewed as a correction although the risk for a retest of key support at

$53.11 has increased. A break above yesterday's high of $56.98 is required to

relieve the current bearish pressure.